Bitcoin open interest drops almost 15% in the past two weeks Bitcoin open interest drops almost 15% in the past two weeks

Bitcoin open interest drops almost 15% in the past two weeks

Roughly 300,000 Bitcoin has been unwound in Open Interest (OI) contracts since the peak back in October 2022.

Quick Take

  • Futures Open Interest (OI) is the total amount of funds (USD Value) allocated in open futures contracts.
  • The OI peaked in October 2022 โ€” with roughly 667,000 BTC allocated in open interest contracts.
  • Roughly there are now 368,000 BTC allocated in OI contracts โ€” a decrease of 300,000 Bitcoin.
  • Bitcoin has jumped in price from $19,000 to $26,000 while seeing leverage unwound. This is extremely healthy.
  • In the past two weeks, we have seen roughly a decrease in OI by about 15% โ€” now at similar levels in early 2022.
  • For this trend to continue, OI must decline while spot Bitcoin accumulates.
Futures Open Interest: (Source: Glassnode)
Futures Open Interest: (Source: Glassnode)